Clifton Asset Management has acquired Plan For Life Wealth Management, a wealth manager based in Shewsbury.

The companies did not reveal the value of the transaction.

Plan for Life will retain its brand and continue to serve its clients.

As part of the deal, Clifton will offer additional systems as well as technical support to the acquired entity.

The deal is said to be the first carried out by Clifton as part of its plan to build a regional network of small advisory businesses.

The strategy marks a deviation from the usual advisory business acquisition model.

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Clifton’s aim is to set up “Centres of Excellence” in key target areas.

Membership to these centres is said to be through acquisition or appointed representative status.

Through the centres, small firms will gain access to Clifton services.

Clifton group financial planning director Anthony Carty said: “Plan for Life is a great business that has been running since 2011 in a region not known as a ‘hub’ for financial services.

“We aim to build on the excellent work that Plan For Life has delivered thus far, with a package of services to enhance the customer journey still further.

“These services include our own low-cost investment platform, in house discretionary model portfolios and highly-interactive client portal.”